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HOUSTON, Aug. 8, 2013 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) (the "Company") today announced its financial results for the second quarter of 2013.
Highlights for the quarter ended June 30, 2013:
Net asset value: $187.1 million, or $9.13 per share Quarterly dividends declared: $0.16 per share
Operating Results: Total investment income: $9.6 million Net investment income: $5.5 million, or $0.26 per share Net realized gain on investments: $1.1 million, or $0.05 per share Net unrealized depreciation on investments: $3.0 million, or $0.15 per share
New investments in portfolio securities during the quarter: $28.9 million Redemption of portfolio securities during the quarter: $49.9 million Fair value of portfolio investments at June 30, 2013: $209.3 million Weighted average yield on portfolio investments: 9.9% Number of portfolio companies at June 30, 2013: 16
Portfolio and Investment Activity
During the second quarter of 2013, we invested $28.9 million in new portfolio investments and received proceeds from redemption and repayments of portfolio securities totaling $49.9 million.
On June 28, 2013, Resaca Exploitation, Inc. ("Resaca") completed the sale of substantially all of its oil and gas properties to Legacy Reserves Operating LP, a Midland, Texas-based oil and gas company, for $72 million, subject to customary adjustments. In connection with the sale, we received a cash payment of $16.1 million, representing full principal payment of our Senior Unsecured Term Loan and an interest "make whole" provision of $2.2 million, or $0.11 per share. Subsequently, Resaca's common stock, of which we own 1.36 million shares, or 6.6% of Resaca's common stock outstanding, has been delisted from the Alternative Investment Market of the London Stock Exchange, and will ultimately be liquidated to shareholders as Resaca winds up its operations. Our investment in the Resaca Term Loan resulted in an internal rate of return of 21.2% and a return on investment of 1.61x.